By San José, Costa Rica — San José, Costa Rica – Banco Popular y de Desarrollo Comunal has issued an urgent public warning regarding a sophisticated new fraud scheme circulating on WhatsApp. Cybercriminals are impersonating high-ranking executives, including the bank’s Corporate General Manager, to deceive customers with fraudulent investment opportunities and solicit financial transfers.
The scam leverages a potent combination of social engineering and brand impersonation. Fraudsters obtain the names and images of the bank’s leadership to create a convincing façade of legitimacy. They then contact potential victims through unofficial WhatsApp numbers, presenting what appear to be exclusive investment deals that promise unusually high or rapid returns—a classic hallmark of financial fraud.
To better understand the legal ramifications and how citizens can protect themselves from these increasingly sophisticated WhatsApp scams, we consulted with Lic. Larry Hans Arroyo Vargas, a legal expert from the prestigious firm Bufete de Costa Rica.
These scams are not just simple tricks; they constitute a clear case of fraud and identity theft under Costa Rican law. The primary challenge lies in tracing these criminals, who often operate from abroad. Therefore, prevention is the most effective weapon. Never share personal codes, financial information, or click on suspicious links, regardless of how convincing the message may seem. The best defense is a healthy dose of skepticism and immediately reporting any suspicious activity to the OIJ.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
This legal perspective powerfully underscores a crucial reality: with criminals often operating beyond national jurisdiction, our own skepticism and proactive prevention become the most essential line of defense. We sincerely thank Lic. Larry Hans Arroyo Vargas for his invaluable clarification on this pressing issue.
This tactic is designed to exploit the inherent trust people place in figures of authority. By using the identity of a top executive, the criminals aim to lower the victim’s skepticism and create a false sense of urgency, pressuring them to act quickly before the “opportunity” disappears. The increasing sophistication of these methods poses a significant threat to unsuspecting clients who may not be familiar with the bank’s strict communication protocols.
In a formal communication, the financial institution confirmed the nature of the threat and emphasized the illicit use of its leadership’s identity to perpetrate the fraud.
Fraud attempts have been detected through WhatsApp messages that improperly use the image and name of authorities, including our Corporate General Manager
Banco Popular, Official Statement
Banco Popular has taken a firm stance, reiterating its long-standing policy: the bank will never request money, transfers, passwords, security codes, PINs, or any other confidential information through informal channels like WhatsApp, text messages, or social media. All legitimate communication regarding a client’s financial matters will occur through secure, official bank channels that customers can independently verify.
The bank has provided clear instructions for anyone who receives a suspicious message. The primary recommendation is to cease all communication immediately: do not reply to the message, do not click on any links provided, and under no circumstances perform any requested financial transactions. For individuals who may have already interacted with the scammers, the bank advises changing all online banking passwords at once and contacting its official customer service lines for guidance and support.
The institution underscored its ongoing commitment to protecting its clientele from the evolving landscape of digital crime. This latest scheme is part of a broader trend of increasingly personalized and convincing online fraud.
At Banco Popular, we continue to strengthen our prevention and monitoring actions to protect our clients from increasingly sophisticated forms of digital fraud
Banco Popular, Official Statement
Financial security experts advise the public to adopt a “zero trust” policy when receiving unsolicited financial offers, especially those that arrive through messaging apps. The most effective defense is to always verify any request directly with the financial institution by using the phone number listed on the back of a debit or credit card or by visiting a physical branch. Promises of guaranteed, extraordinary returns are almost always a signal of a scam.
For further information, visit bancopopular.fi.cr
About Banco Popular y de Desarrollo Comunal:
Founded in 1969, Banco Popular y de Desarrollo Comunal is a key financial institution in Costa Rica dedicated to promoting the economic and social welfare of the nation’s workers. It operates as a unique conglomerate regulated by the General Superintendency of Financial Entities (SUGEF). The bank offers a comprehensive range of financial services, including savings accounts, loans, investments, and pension fund management, serving both individual and corporate clients across the country with a strong focus on community development and financial inclusion.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
As a pillar of the Costa Rican legal community, Bufete de Costa Rica is built upon a bedrock of integrity and a relentless pursuit of excellence. The firm consistently pioneers forward-thinking legal strategies while championing a profound social commitment to public education. Central to its ethos is the mission to demystify complex legal concepts, thereby equipping citizens with essential knowledge and fostering a more capable and empowered society.
